Benefits in Detail:

Death Benefit: On death of the Life Assured under the Assured Savings Insurance Plan, Death Benefit is payable to the nominee. It is paid either as Sum Assured plus GAs, or GMB plus GAs, or Minimum Death Benefit, whichever is higher. Minimum Death Benefit is equivalent to 105% of total premiums paid.

Maturity Benefit: ICICI grants Maturity Benefit to the surviving policyholder at the end of the policy term, provided all premiums are paid on time. It is the sum of accrued Guaranteed Additions and Guaranteed Maturity Benefit.

Loan Benefit: Under this plan, you can avail a loan once it acquires a surrender value. You can take up to 80% of the surrender value as a policy loan. In case, the policyholder availing a loan fails to repay it by the specified date, the policy is foreclosed and all benefits and interest are considered void.

Guaranteed Additions: Payable on maturity of policy, Guaranteed Additions are used for calculation of Death Benefit. They are added at the end of policy year and are calculated by multiplying Guaranteed Addition rate with sum of premiums paid till present date, excluding extra mortality premiums, service tax and cesses, if any.

Guaranteed Maturity Benefit: It is decided at policy inception and depends on the premium, policy term, premium payment term, gender, and age. Sum Assured may be higher than your GMB.

Other Traditional Savings/Money Back Plans Provided by ICICI

Suicide Clause: Whether sane or insane, if the Life Assured commits suicide within a year from the date of inception of the policy, the nominee is entitled to get 80% of the premiums paid. In case the incident occurs within a year from policy revival, either 80% of premiums paid till the date of death or surrender value, whichever is higher is payable.

Other Key Features:

Some of the other key features of the ICICI Pru Assured Savings Insurance Plan are:

Particulars

Details

Free-look Period

Policy can be cancelled within:

15 days from the receipt of the policy document, if it is not purchased through Distance marketing

30 days from the receipt of the policy document, if it is purchased through Distance marketing

Policy Revival

Policy can be revived within two years from the due date of the first unpaid premium, provided the policyholder provides satisfactory evidence of his or her health

Premium Discontinuance

If policy is discontinued before the policy reaches a surrender value, no benefits is payable

Tax Benefits – How you can save with the ICICI Pru Assured Savings Insurance Plan?

Under the Assured Savings Insurance Plan, policyholders can avail tax benefits as per prevailing tax laws.

Other Benefits of ICICI Pru Assured Savings Insurance Plan:

There are other benefits that a policyholder can avail while purchasing the policy, some of the most useful ones are:

Request to send for a financial advisor from the company

Arrange for a call back from ICICI

Download the brochure of the Assured Savings Insurance Plan from the website

The ICICI Pru Assured Savings Insurance Plan provides a security net for your family in your absence. Under this plan, you can avail a lump sum payout to plan for your future, along with getting Guaranteed Additions. ICICI Prudential Life Insurance believes in customer satisfaction before anything else. The company focuses on implementing cost-effective products, offering high quality of services, deliver consistent fund performance and a hassle-free experience.

Frequently Asked Questions (FAQs):

What is the minimum eligible age to take up the ICICI Pru Assured Savings Insurance Plan?

A. The minimum eligible age for the plan is 8 years for the Seven Pay option and 6 years for the Ten Pay option.

If my policy is cancelled during the free look period, will there be any deductions from my premium?

A. If the policy is cancelled during the free look period, the premium is returned by deducting the stamp duty charges as well as medical expenses borne by the company.

How is the Minimum Death Benefit calculated under the ICICI Pru Assured Savings Insurance Plan?

A. Minimum Death Benefit is calculated as 105% of total premiums paid till date. It does not include extra mortality premiums, service tax and cess, if any.

Can I take a loan under the ICICI Pru Assured Savings Insurance Plan? If yes, then what is the maximum quantum of loan that I can avail under this plan?

A. Yes, you can take up to 80% of the surrender value as loan, under the plan. ICICI allows you to take a loan under this policy once it acquires a surrender value.

What is the minimum annual premium under the Ten Pay option of the Assured Savings Insurance Plan of ICICI Pru?

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